Turkey's inflation is terrible, so I guess using Bitcoin instead makes perfect sense, but I didn't know about that. Still, though, showing a couple of shops that have crypto logos on them doesn't necessarily mean that it's representative of the country or even its major cities overall. But the Reuters article also says that digital currency ownership in Turkey is the highest in the world by percentage of the population, so that's impressive and in that context, the Twitter video makes more sense, I guess. I'm still not fully convinced, as the article is about stablecoins, not decentralized cryptocurrencies.
I'm also grateful to stompix for drawing attention to the fact that it was short in Northern Cyprus, so it's not mainland Turkey, to say the least.
Topic: Bitcoin Adoption in Turkey Grows Stronger (Read 296 times)
When looking at the X.com (Twitter) page today, I found a video from one of the female Crypto Traders, Eunice D Wong.
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
https://twitter.com/Eunicedwong/status/1692985505892225498
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
https://twitter.com/Eunicedwong/status/1692985505892225498
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
Quote
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Well, thanks to the analysis carried out by experts towards this currency, it has been possible to deduce that yes, this can be an option to counteract inflation, this fact could be one of the reasons why the governments of the different countries see it as an election to be able to help with the inflation that is plaguing many territories. What I don't understand is why they should wait for this situation to reach extremist levels to decide to incorporate it into their financial system, when it can be prevented and prepared before the impact, if they did this perhaps the benefits that bitcoin would would be much more evident In addition, both the leaders and the citizens of the different countries could be educated with the use of this currency, since it is not a lie that there are still people who do not have the slightest idea of what this asset is or how to use it, which would cause mishaps.
Turkey is one of the countries which are trying to keep neutrality in the Russo-Ukrainian conflict. They are selling Bayraktar drones to Ukraine but at the same time not banning Russian tourists from visiting the country. I think they are forced to do it as their government desperately tries to keep the country's economy afloat. This fragile equilibrium can be broken any time and the country can fall into the abyss of economic crisis, therefore Turks are trying to avoid the lira and Bitcoin is one of the options.
Türkiye implements a balance policy in foreign relations. It's necessary to keep the relations with both neighbors in balance, because this is the best from both a business and a political point of view.
If we count the reasons for the bad course in the economy, this conflict cannot even enter the top five. There are deeper economic problems and little is being done to solve them. We are living in a period where Turkish people are looking for temporary solutions in crypto and stock market. Few people look at Bitcoin the way we do. Still, the more people see the real opportunities Bitcoin creates, the better.
When looking at the X.com (Twitter) page today, I found a video from one of the female Crypto Traders, Eunice D Wong.
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
People are very pragmatical, if the fiat they use works and the inflation is not high then they will not think about using bitcoin or stable coins, as only those that really understand the economy and bitcoin will understand its true value, but when the economy is doing badly then they will look for alternatives and bitcoin will be one of the options they will use to protect themselves from a high level of inflation, so it makes sense that if inflation is high the adoption of bitcoin on that country will go up as well. She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
When looking at the X.com (Twitter) page today, I found a video from one of the female Crypto Traders, Eunice D Wong.
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
https://twitter.com/Eunicedwong/status/1692985505892225498
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.
https://twitter.com/Eunicedwong/status/1692985505892225498
Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.
Meanwhile, Turkish people are increasingly converting Lira into USD or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years
https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/
Turkey is one of the countries which are trying to keep neutrality in the Russo-Ukrainian conflict. They are selling Bayraktar drones to Ukraine but at the same time not banning Russian tourists from visiting the country. I think they are forced to do it as their government desperately tries to keep the country's economy afloat. This fragile equilibrium can be broken any time and the country can fall into the abyss of economic crisis, therefore Turks are trying to avoid the lira and Bitcoin is one of the options.
~
fucking bitch, Yes yes yes I saw it too, with cleavage that makes a man's eyes seductive, not because of the content. But in detail I don't know the location, what I know according to the narrative is Turkey, yes but I was mistaken.
Just to clarify things!
I wasn't referring to you, but to those who post just to post, the ones that are still doing it even after two people including a mod have stated that this isn't Turkiye, and look, they keep coming! They've read the title and that is for them, they think now Turkiye is the best country for Bitcoin.
Oh, wait, what about Salvador?
And yeah, cleavage and tits sell everything, if this was a 50yo guy saying it would have gotten like minus one hundred views!
If you also check other countries that have accepted or legalized bitcoin such as El Salvador, you will understand that their currency is weak or thet never had one. So they have no option than to resort to bitcoin.
People in Argentina and Turkiye and Russia are buying euro and dollars, Salvador had the $ as a currency, Salvador never had an inflation above 6.5% since 2000! Why do you think "they had no option" ?
This made me do a little research as to ascertain theoretically if truly the Turkish government approved the use of cryptocurrency in their country but to my greatest surprise it seems that picture or the post possibly must have been done for hype or a typo from the poster or something else because i had read through what i saw online as regards the status of Turkiye government on crypto usage in their country.
But however, it seems their stand on this subject matter is still not clear as there was a ban on crypto which was enacted into the turkiye laws.
Although the Turkiye government is not against the buying and selling or owning of crypto assets as investment but it states that her citiizens and individuals can not use it as payment for goods and service within the nation.
Source
Quote
In 2021, the Central Bank of the Republic of Turkey (CBRT) issued a regulation stating that “crypto assets cannot be used directly or indirectly for payments.” This regulation effectively banned the use of cryptocurrencies for payments in Turkey. However, it did not specify whether cryptocurrencies are considered property or not.
But however, it seems their stand on this subject matter is still not clear as there was a ban on crypto which was enacted into the turkiye laws.
Quote
The Central Bank of the Republic of Turkey (CBRT) issued a regulation in April 2021 banning the use of cryptocurrencies and other digital assets as a form of payment. The regulation stated that cryptocurrencies cannot be used directly or indirectly in payments for goods and services. This means that businesses cannot accept cryptocurrencies as payment, and individuals cannot use cryptocurrencies to pay for goods and services.
Although the Turkiye government is not against the buying and selling or owning of crypto assets as investment but it states that her citiizens and individuals can not use it as payment for goods and service within the nation.
Source
I have always maintained that bitcoin adoption is something that will be slow but consistent. You cannot at this time forcr bitcoin on any people or country. They will willingly accept it when there is obviously a need to accept Bitcoin. Such needs as we saw during the Russia and Ukraine crisis, bitcoin became as currency for succour. If you also check other countries that have accepted or legalized bitcoin such as El Salvador, you will understand that their currency is weak or thet never had one. So they have no option than to resort to bitcoin. As reported in the above article that turkey national currency has lost over 90% value. So this is a very good reason to venture into bitcoin which fights inflation. So as the world problem is increasing and inflation is on the rise, bitcoin adoption will gradually take over.
This is what happens when the crew decides the script for wanna-be influencers, stupid girl didn't even know she was in Cyprus not Turkey!
These so-called influencers don't have the intention of promoting bitcoin but are driven by greed. She just wants to get more views and make money from ads. If she had good intentions, she would have been truthful instead of lying about her location to get more attention. She failed to do any research and called a very unfriendly nation her best Bitcoin friendly nation But it's great to see that bitcoin is been used in Cyprus. First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.
Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.
A government that cannot protect its citizens from hyperinflation is stopping them from adopting alternatives to protect themselves from the effect of inflation. The government in my country also restricted the use of cryptocurrencies but it didn't deter the people from embracing crypto because it was a good alternative to ditch the constant loss of value of our local currency. It also caused an increase in illegal exchanges doing business in secret. The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.
Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.
Inflation, meet Bitcoin. Bitcoin, meet inflation. It's like a match made in financial heaven! While traditional currencies are feeling the heat of hyperinflation, Bitcoin is strutting its stuff and showing the world what it's made of. It's like the rebel in the classroom, challenging the status quo and offering a new way of thinking about money. So, buckle up, folks, because the ride is just getting started!
Turkish hyperinflation is a massive economic disaster! People will look for something solid to hold onto when their money plummets. Turkey uses USD, gold, Bitcoin, and its virtual brethren. Nobody should be surprised.
Its clear from Turkey's situation that cryptocurrency rises like a phoenix when banks fail. Only Cryptopotato's released statistics corroborate this pattern.
The greater, more significant question: will inflation boost Bitcoin adoption in other countries? Big yes from me! Survival has always been the story of history, and Bitcoin appears to be one of the most durable possibilities. As nations battle with monetary policies, remember that Bitcoin will soon become the main currency.
Its clear from Turkey's situation that cryptocurrency rises like a phoenix when banks fail. Only Cryptopotato's released statistics corroborate this pattern.
The greater, more significant question: will inflation boost Bitcoin adoption in other countries? Big yes from me! Survival has always been the story of history, and Bitcoin appears to be one of the most durable possibilities. As nations battle with monetary policies, remember that Bitcoin will soon become the main currency.
Actually, bitcoin hasn't proven that it is a solution enough to overcome inflation. But living in the midst of a country with severe inflation, one must be as flexible as possible to divert wealth and business to whatever is considered to save them.
Bitcoin in this case may be the choice of the majority as far as the government gives concessions and because of its use it applicable to several types of existing businesses.
Bitcoin in this case may be the choice of the majority as far as the government gives concessions and because of its use it applicable to several types of existing businesses.
Good to see Turkey become more stronger to adopt Bitcoin.
Inflation might be one of the reason someone want to invest in Bitcoin, but it also depend on the person because there are many commodities or currencies they can use to store a value. They can buy gold, silver, or even convert it to USD, Euro, any currency that stronger than Lira.
Inflation might be one of the reason someone want to invest in Bitcoin, but it also depend on the person because there are many commodities or currencies they can use to store a value. They can buy gold, silver, or even convert it to USD, Euro, any currency that stronger than Lira.
I understand that when a country's economy is in great turmoil, people will be looking for good alternative to help them financially and save their assets from inflationary catastrophe. This can be the major reason why people in Turkey are turning to cryptocurrency and gold in order to protect their gains and not be drowned in the implosion happening all over. We should also remember that Bitcoin came into being after the financial bloodbath in 2008 which tested many big financial institutions and many of them withered in the process. Surely, Bitcoin can be an affective savior when an economy is in distress.
So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?
Looks like it. It's not so strange to hear any more of this kind of story. There are other countries with high inflation also where the citizens are starting to use crypto namely Argentina which OP gave in the 2nd link. It however may not make sense if BTC also dives deeper so it's not going to save them if crypto continues its bear market down to 20k.
I just watch the video and they are accepting not just BTC, including TRON. If they trade it to their local currency right after receiving BTC though, it would be pointless.
They used bitcoin and cryptocurrencies because their local currency was severely depreciating due to inflation. How can they convert bitcoins to local currency as soon as they receive bitcoins? So what does using bitcoin mean? I don't think the Turks will do that because if they do, bitcoin usage in their country can't spike like what the OP is talking about.
Moreover, bitcoin plummeted to $20k but it has a chance to recover and grow again, their local currency has almost no chance to recover. So it won't be a big deal if bitcoin drops in value.
Although I knew that turkish people embrace bitcoin since long time ago but I don't expect the government let their citizens to use btc in their country. it is a very good news to hear. now we can see an example how if country adopting bitcoin. I hope I can get more update about this in real time.
-snip-
This is what happens when the crew decides the script for wanna-be influencers, stupid girl didn't even know she was in Cyprus not Turkey!
LE:
But as usual, nobody cares, everyone reads the title, look a bit at her boobs then become for 4 lines of quota post experts in international economomics!
fucking bitch, Yes yes yes I saw it too, with cleavage that makes a man's eyes seductive, not because of the content. This is what happens when the crew decides the script for wanna-be influencers, stupid girl didn't even know she was in Cyprus not Turkey!
LE:
But as usual, nobody cares, everyone reads the title, look a bit at her boobs then become for 4 lines of quota post experts in international economomics!
But in detail I don't know the location, what I know according to the narrative is Turkey, yes but I was mistaken.
First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.
Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.
Thanks for the detailed explanation @EFS. The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.
Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.
I didn't look carefully at the video, because I was interested in the adoption (partly interested in the woman LOL).
Summarizing from all the answers of members here who responded about Inflation as a driver of Adoption, it seems that it is not a major factor.
There are still many other supporting factors that make Bitcoin adoption stronger.
Other countries such as Argentina which are affected by inflation also feel the adoption of bitcoin is getting stronger.
Inflation is negative news, but bitcoin adoption appears to make them interested in using Bitcoin. But, it will also depend on how strict the government provides regulation.
Good news and I think every country that has inflation has to choose another currency for their transactions that would be more convenient to their people.
And that's what Turkey is doing and there's Venezuela that has hyperinflation and people are also filling things with crypto transactions because it's saving them a lot of hassle from the economic downturn that they're having.
More adoption and hopefully it won't just be these countries that are suffering economically but, we can also see how Bitcoin has been helpful to them.
And that's what Turkey is doing and there's Venezuela that has hyperinflation and people are also filling things with crypto transactions because it's saving them a lot of hassle from the economic downturn that they're having.
More adoption and hopefully it won't just be these countries that are suffering economically but, we can also see how Bitcoin has been helpful to them.
A single good news for several days of bad news is a good sign for Bitcoin to bounce back or not to dive deeper lol.
About turkey having bitcoin as an alternative to their currency theory is not so long to be a possibility. It could be, chances are high if US is pushing them to their limits.
About turkey having bitcoin as an alternative to their currency theory is not so long to be a possibility. It could be, chances are high if US is pushing them to their limits.
That's a pretty good move, taking an alternative to avoid their currency falling drastically that much. Sooner or later, some country leader would understand the worth of Bitcoin one way or the other. El Salvador is already teaching their youth how to send bitcoin and some exchanges have also organised a builders program, ready to teach youth from different countries bitcoin and crypto as a whole
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